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Prima Industries to hold board meeting
May 25,2017

Prima Industries will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Super Tannery to hold board meeting
May 25,2017

Super Tannery will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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SM Dyechem to hold board meeting
May 25,2017

SM Dyechem will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Balurghat Technologies to hold board meeting
May 25,2017

Balurghat Technologies will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Sunraj Diamond Exports to hold board meeting
May 25,2017

Sunraj Diamond Exports will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Sahara Housing Fina Corporation to hold board meeting
May 25,2017

Sahara Housing Fina Corporation will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Blue Coast Hotels to hold board meeting
May 25,2017

Blue Coast Hotels will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Cabinet approves phasing out Foreign Investment Promotion Board
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries/Departments to process applications for FDI requiring government approval.

Henceforth, the work relating to processing of applications for FDI and approval of the Government thereon under the extant FDI Policy and FEMA, shall now be handled by the concerned Ministries/Departments in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce, which will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy.

In addition, Foreign Investors will find India more attractive destination and this will result in more inflow of FDI. The move will provide ease of doing business and will help in promoting the principle of Maximum Governance and Minimum Government.

Background

The proposal for abolition of FIPB was approved by the Cabinet in its meeting on 24-05-2017. Presently, applications are considered by FIPB in Department of Economic Affairs (DEA), Ministry of Finance comprising of various Secretaries of Government of India for making recommendation on FDI applications. After the Cabinet decision, it would be handled independently by Administrative Ministries as per Sector.

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Outcome of board meeting of Karma Energy
May 25,2017

The Board of Directors of Karma Energy at its meeting held on 24 May 2017 has approved the election of Balady Shekar Shetty as Independent Additional Director on Board of the Company with effect from 24 May 2017.

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Gujarat Gas retreats on weak Q4 results
May 25,2017

The result was announced after market hours yesterday, 24 May 2017.

The stock has dropped 6.81% in six sessions to its ruling price of Rs 733.80 from a close of Rs 787.45 on 17 May 2017.

Meanwhile, the S&P BSE Sensex was up 103.33 points or 0.34% at 30,404.97.

On the BSE, 155 shares were traded on the counter so far as against the average daily volumes of 23,096 shares in the past one quarter. The stock had hit a high of Rs 739 and a low of Rs 721.60 so far during the day.

The large-cap company has equity capital of Rs 137.68 crore. Face value per share is Rs 10.

Gujarat Gas said that board of directors of the company recommended dividend of Rs 3 per share for the financial year ended 31 March 2017 (FY 2017).

Gujarat Gas is a city gas distribution company.

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Board of Cambridge Technology Enterprises approves raising of funds up to USD 50 million
May 25,2017

Cambridge Technology Enterprises announced that the Board of Directors of the Company at its meeting held on 24 May 2017 has approved to raise funds by the Company for an aggregate amount up to USD 50 million or equivalent thereof in one or more foreign currency and/or Indian rupees, through public or private placement by way of QIP / FCCBs / ADRs/ GDRs or any other mode subject to approval of shareholders and regulatory/ statutory approvals.

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Board of ADCC Infocad accepts resignation of director
May 25,2017

The Board of Directors of ADCC Infocad at its meeting held on 24 May 2017 has accepted the resignation of Sameer Meghe with effect from 31 May 2017.

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Bombay Rayon Fashions allots equity shares and convertible debentures
May 25,2017

Bombay Rayon Fashions announced that the share issue committee of Board of Directors at its meeting held on 24 May 2017 has approved -

Allotment of 107,345,243 equity shares of Rs 10 each at an issue price of Rs 146.03 per share and 3,995,092 optionally convertible debentures of Rs 1000 each at par to lenders in accordance with scheme for sustainable structuring of stressed assets.

Allotment of 3,346,997 equity shares of Rs 10 each at a price of Rs 165.88 per share on conversion of funded interest term loan and working capital term loan in accordance with SEBI guidelines for preferential issue.

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Cabinet approves Raising of Bonds of Rs. 2360 crores for Renewable Energy
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to Raising of Bonds of Rs. 2360 crores for Renewable Energy.

The Bonds will be raised by the Ministry of New & Renewable Energy (MNRE) through the Indian Renewable Energy Development Agency (IREDA) during the 2017-18. These funds will be used by MNRE in the approved programmes/schemes for solar park, green energy corridor, generation-based incentives for wind projects, CPSU and defence solar projects, viability gap funding for solar projects, roof-top solar, off-grid/grid-distributed and decentralized renewable power, investment in corporations and autonomous bodies etc. Such timely investment would boost infrastructure in renewable sector and facilitate achievement of ambitious targets for the renewable energy sector. The resources raised would be used for developing additional capacity in renewable energy sector which would result in generation of additional employment.

Background

The Government had declared additional finance mobilization of Rs. 31,300 crore bonds through NHAI, PFC, REC, IREDA and IWAI in the budget for FYT 2016-17. As a part of this, the Government had allocated Rs. 4000 crores to IREDA to raise n++GOI fully serviced taxable Bondsn++ on behalf of the MNRE during the FY 2016-17. Out of this allocation, IREDA had raised Rs. 1640 crores as per the requirement of MNRE. The MNRE subsequently approached the Cabinet, to approve raising of the balance Rs. 2360 crores in the year 2016-17.

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Cabinet apprised of MoU between India and Bangladesh on cooperation in the peaceful uses of outer space
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) between India and Bangladesh on cooperation in the peaceful uses of outer space. The MoU was signed at New Delhi in April, 2017.

This MoU shall enable the areas of cooperation such as, space science, technology and applications including remote sensing of the earth; satellite communication and satellite based navigation; Space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology.

The MoU would lead to set up a Joint Working Group, drawing members from Department of Space/ Indian Space Research Organisation (DOS/ISRO), and the Bangladesh Telecom Regulatory Commission (BTRC), which will further work out the plan of action including the time-frame and the means of implementing this MoU.

It will provide impetus to explore newer research activities and application possibilities in the field of remote sensing of the earth; satellite communication; satellite navigation; space science and exploration of outer space.

Financing of works carried out under this MoU shall be provided by the respective executive organisation with due consideration of national norms and rules concerning budgetary regulations in force in their respective States and within the limits of available resources. Joint projects and works carried out under this MoU depending on the type and field of activity shall be on non-commercial or commercial basis and shall be executed either without mutual payments or on the basis of compensatory arrangements or contracts.

The MoU would lead to develop a joint activity in the field of application of space technologies for the benefit of humanity. Thus all sections and regions of the country will get benefited.

Background:

India and Bangladesh have expressed interest to cooperate with each other in the area of space. Accordingly, a template of framework MoU for space cooperation was provided to Indian High Commission to Bangladesh & MEA in August 2016 for further processing at Government level, for which Bangladesh side has given its concurrence in December 2016. Accordingly, an MoU between India and Bangladesh on cooperation in the peaceful uses of outer space, signed at New Delhi on April 08, 2017.

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